Principal Financial Group Deferred policy acquisition costs increased by 0.4% to $4.09B in Q1 2026 compared to the prior quarter. Year-over-year, this metric grew by 1.4%, from $4.03B to $4.09B. Over 5 years (FY 2020 to FY 2025), Deferred policy acquisition costs shows relatively stable performance with a 1.3% CAGR.
An increase suggests high growth in new business, while a decrease may indicate slowing sales or higher amortization rates.
These are the incremental costs directly related to acquiring new insurance policies, such as commissions, which are cap...
Standard accounting practice for insurance companies under GAAP.
ins_deferred_policy_acquisition_costs| Q2 '21 | Q3 '21 | Q4 '21 | Q1 '22 | Q2 '22 | Q3 '22 | Q4 '22 | Q1 '23 | Q2 '23 | Q3 '23 | Q4 '23 | Q1 '24 | Q2 '24 | Q3 '24 | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Value | $3.58B | $3.70B | $3.76B | $4.10B | $4.34B | $4.83B | $3.95B | $3.95B | $3.95B | $3.95B | $3.95B | $3.97B | $3.97B | $3.99B | $4.01B | $4.03B | $4.05B | $4.06B | $4.07B | $4.09B |
| QoQ Change | — | +3.2% | +1.6% | +9.2% | +5.8% | +11.4% | -18.3% | +0.0% | +0.0% | -0.0% | +0.1% | +0.4% | +0.2% | +0.5% | +0.4% | +0.7% | +0.3% | +0.2% | +0.4% | +0.4% |
| YoY Change | — | — | — | — | +21.2% | +30.8% | +5.1% | -3.8% | -9.0% | -18.3% | +0.1% | +0.4% | +0.6% | +1.1% | +1.4% | +1.7% | +1.9% | +1.6% | +1.6% | +1.4% |
| Segment | Q2 '24 | Q3 '24 | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 |
|---|---|---|---|---|---|---|---|---|
| Workplace Savings And Retirement Solutions | $509.70M | $512.30M | $515.50M | $519.40M | $522.20M | $525.00M | $528.90M | $530.70M |
| Variable Annuity | $289.90M | $308.90M | $323.40M | $337.20M | $353.50M | $368.60M | $385.30M | $394.50M |
| Deferred Fixed Annuity | $95.50M | $89.90M | $84.20M | $79.80M | $75.70M | $71.10M | $66.90M | $62.80M |
| Other Shortduration Insurance Product Line | $37.10M | $34.90M | $30.60M | $39.70M | $36.60M | $34.50M | $30.20M | $39.80M |
| Pension Risk Transfer | $17.70M | $19.10M | $21.10M | $22.30M | $23.20M | $23.80M | $24.80M | $24.60M |
| Investment Only | $12.30M | $12.80M | $13.00M | $12.80M | $11.60M | $11.90M | $10.60M | $11.60M |
| Other Longduration Insurance Product Line | $6.70M | $6.80M | $5.90M | $6.00M | $5.90M | $1.20M | $1.30M | $1.30M |
| Individual Disability | $683.60M | $691.10M | $696.90M | — | — | — | — | — |
| Participating Life Insurance Policy | $81.30M | $79.50M | $77.80M | — | — | — | — | — |
| Term Life Insurance | $701.20M | $706.80M | $710.80M | — | — | — | — | — |
| Universal Life | $1.54B | $1.53B | $1.53B | — | — | — | — | — |
| Total | $3.97B | $3.99B | $4.01B | $4.03B | $4.05B | $4.06B | $4.07B | $4.09B |
Individual Disability, Participating Life Insurance Policy, Term Life Insurance, Universal Life were previously reported and have since been discontinued or reclassified. Only currently active segments are shown in the chart.
| Segment | Q2 '24 | Q3 '24 | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 |
|---|---|---|---|---|---|---|---|---|
| Segment Benefits And Protection | — | — | $3.04B | $3.02B | $3.02B | $3.02B | $3.02B | $3.02B |
| Segment Retirement And Income Solutions | $925.10M | $943.00M | $957.20M | $971.50M | $986.20M | $1.00B | $1.02B | $1.02B |
| Segment Principal Asset Management | — | — | $5.90M | — | — | — | $1.30M | — |
| Total | $3.97B | $3.99B | $4.01B | $4.03B | $4.05B | $4.06B | $4.07B | $4.09B |